Billy falls in mutual love with Madeleine, the last descendant of the university’s founder, and after she experiences a Hog Day party before President Grimshaw ruins it, she tells the assembly at the endowment ceremony that she will be giving her $12 million not towards the building Grimshaw will get kickbacks from, but towards the construction of a student activities center. She also makes Hog Day an official school holiday with a party to be held every year, and the first party will be held that night at Grimshaw’s house.
At the party, Billy tells Madeleine that he died last night and is now a ghost (in truth, he is in a severe coma at the hospital and his spirit got displaced), and she oddly believes him, and he says he has to leave for Heaven with his uncle Pinky from the hospital that night at midnight. They end up having sex on the roof, and he emits a heavenly light, which his friends Barducci, Lasky, and Rita witness and realize that he wasn’t lying about being a ghost. Pinky then comes to get him since midnight is near, and they go to the hospital with Madeleine and his friends in tow. The duo reach an entryway to Heaven, but the Boss tells Pinky that it is too late to take Billy now. Pinky says goodbye, and a white light then engulfs Billy, causing his spirit to return to his body and waking him from his coma. As he shouts for joy, Madeleine and the others hear him and come into his room to celebrate his return to life.
The Hog Day party, hosted by Billy (Tom Nolan), takes place next door to the endowment ceremony hosted by the university’s president Grimshaw (Larry Linville), and Billy eventually leaves his party to find Madeleine (Danièle Arnaud) the only living descendant of the university’s founder who is bestowing the $12 million endowment and whom he has developed a mutual attraction to at the ceremony. He takes her outside and shows her the statue of her ancestor (but without knowing yet that she is the descendant of this man and is the one giving the endowment) and explains how he is the original Hog and how he had a devil-may-care approach to life that embodies the spirit of Hog Day, and also tells her of how Grimshaw will be lining his pockets off the kickbacks from the new building on campus the endowment will be going to (the construction company creating the new building is run by his brother-in-law). He then brings her to the Hog Day party to experience it, but after Grimshaw finds her there as well as his daughter Ursula (Marta Kober), he halts the festivities by destroying the building’s power box and forces Madeleine and Ursula to return with him to the ceremony.
Just before Grimshaw introduces Madeleine, Ursula tells her of how she witnessed her father sabotage the Hog Day party, and then she whispers an idea to her. Madeleine then addresses the assembly in addition to Billy and the Hog Day partiers as they slowly file in and tells them that, because of a few select people she interacted with tonight, she will not be putting the money towards the planned building but instead towards the construction of a student activities center, and she is making Hog Day an official school holiday with a party to be held every year. And also, she says that the first Hog Day party will be held tonight at Grimshaw’s house.
During the party, Billy tells Madeleine all about how he had died the night before and was now a ghost (though, in truth, he is actually just in a severe coma at the hospital and his spirit got displaced), as well as how the ghost of his uncle Pinky (John Finnegan) has been trying to find him and that he will have to go to Heaven at midnight tonight, and she surprisingly believes him more than the other people he has told this to. As they look for some place where they can be alone, they run into Pinky, who reminds Billy of his deadline. They end up getting intimate on the roof, and as they do, a heavenly light emanates from Billy and gets spotted by the partygoers below. His friends Barducci (Brian Mann), Lasky (Frank Mugavero) and Rita (Toni Hudson) see this and come to realize that Billy was telling the truth about being a ghost.
Pinky finds Billy and tells him that they have to return to the hospital right now, since midnight is near, so they go there with Madeleine, Barducci, Lasky, and Rita coming along. After arriving, Billy and Pinky run towards an entryway to Heaven, but after Pinky steps through first, the Boss (David Byrd) tells him with disappointment that it is now too late for them to take Billy. Pinky apologizes to his nephew and says farewell, and as the light engulfs Billy, this somehow sends his spirit back into his body and wakes him up from his coma. As he cries out for joy, Madeleine and his friends somehow hear this and come into his room to share in his jubilance, and he kisses Madeleine to end the film.
Thanks Tornado Dragon!